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Sarah Alvarez · Minnesota Open for Business, Back to Black for Indiana and Ohio Weighs Draining Lake Erie
July 15th, 2011
It’s Friday, so we’re giving you four, instead of our usual three, must-read economic stories from across the Midwest.
Minnesota is open for business again. State leaders reached a deal Thursday almost two weeks after a government shut down. The New York Times reports that Gov. Mark Dayton gave up on raising taxes for the wealthy and Republican leaders gave up some of their demands, like a ban on state money for stem-cell research as well. The state is going to balance their budget primarily through delaying payments to schools again (they’ve been delayed since May), and borrowing against future money in a tobacco lawsuit settlement fund.
Ohio Governor to consider Lake Erie legislation by end of weekend. Ohio Gov. John Kasich will decide whether or not to allow businesses to take large amounts out of Lake Erie without permits. As the Cleveland Plain Dealer reports, the Governor is getting pressure and even threats of legal action from other Great Lakes states, including Michigan and New York, not to sign the legislation, HB 231. The bill would require only companies that take more than five million gallons of water (or about enough to fill 100,000 bathtubs) from the Lake every day to get permits to take the water. Other Great Lakes states, and some environmental groups, say the limit is too high.
Read about Indiana’s surprising budget surplus and Groupon’s legal woes after the jump.
Unlike last year, Indiana now has a budget surplus. According to Changing Gears partner station WBEZ the Hoosiers have a $1.3 billion surplus this year. The state had less revenue this year than they expected, but budget cuts made up the difference and led to a surplus. The Legislature is not intending to restore anything they cut, like funds for higher education and health care for children. The Indiana legislature did not raise taxes to mend their budget deficit.
Groupon’s meteoric rise to tech firm fame may be hitting a speed-bump. Crain’s Chicago Business reports this morning that Illinois Attorney General Lisa Madigan wants to look into the company’s practices. Madigan is concerned that Groupon is violating state gift card rules. Connecticut’s Attorney General is also looking into the company’s practices. The AG’s have questions about the legality of Groupon’s faster than usual expiration dates and making users pay for their deal upfront.
